Ganfeng Lithium : INSIDE INFORMATION / OVERSEAS REGULATORY ANNOUNCEMENT - 2021 FIRST QUARTERLY REPORT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(A joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1772)

INSIDE INFORMATION/

OVERSEAS REGULATORY ANNOUNCEMENT

2021 FIRST QUARTERLY REPORT

This announcement is made pursuant to the disclosure obligations under Rule 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

SECTION 1 IMPORTANT NOTICE

The board (the "Board") of directors (the "Directors"), the supervisory committee as well as the senior management of Ganfeng Lithium Co., Ltd. (the "Company") warrant the truthfulness, accuracy and completeness of the information contained in the quarterly report, and warrant that there are no false representations or misleading statements contained in or material omissions from this report and severally and jointly accept responsibility pursuant to such information.

All directors attended the meeting of the Board to consider the quarterly report.

Mr. Li Liangbin, chairman of the Company, Ms. Yang Manying, the person in charge of the Company's accounting functions and, Ms. Huang Ting, the head of the Company's accounting department (person in charge of accounting), have declared that they guarantee the truthfulness, accuracy and completeness of the financial statements in this quarterly report.

- 1 -

SECTION 2 COMPANY PROFILE

1. Major Accounting Data and Financial Indicators
   Whether retroactive adjustments or restatements would be made by the Company to the accounting data for the previous years

	Yes	✓		No
										Increase/
										decrease for
										the reporting
										period compared
										with the
							The corresponding	corresponding
					The Reporting		period of	period of
					Period		the previous year	the previous year
Operating income (RMB)		1,606,822,673.47		1,078,841,300.29		48.94%
Net profit attributable to
shareholders of the listed
company (RMB)				476,096,554.72		7,746,065.51		6,046.30%
Net profit attributable to
shareholders of the listed
company after deduction of non-
recurring gains and losses (RMB)	293,712,457.33		71,858,319.41		308.74%
Net cash flow from operating
activities (RMB)				-217,010,375.97		-138,580,433.01		-56.60%
Basic earnings per share (RMB/
share)				0.36		0.01		3,500.00%
Diluted earnings per share (RMB/
share)				0.36		0.01		3,500.00%
Weighted average rate of return on
net assets				4.34%	0.09%	4.25%
										Increase/
										decrease as at
										the end of
										the reporting
					As at the end		As at the end	period compared
					of the Reporting		of the previous	with the end of
					Period		year	the previous year
Total assets (RMB)				23,307,694,487.73		22,020,373,319.53		5.85%
Net assets attributable to
shareholders of the listed
company (RMB)				11,854,755,292.63		10,705,622,439.84		10.73%

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Non-recurring gains and losses items and amounts
		Applicable		Not applicable
✓
							Unit: RMB Yuan
					Amount for
					the period from
					the beginning of
					the year to the end of
Items				the Reporting Period	Explanation
Gains or losses on disposal of noncurrent assets	128,277.49
(including the writtenoff portion of provisions for
asset impairment)
Government grants (except for government grants	10,248,811.07	Mainly due to the
which are closely related to the corporate			receipt of the
business and conform with the amount and			government grants
quantities at a national unified standard) charged			related to revenue
to gains or losses for the current period
Gains or losses on change in fair value arising	174,070,066.64	Mainly due to the rise
from financial assets held for trading, derivative			of prices of financial
financial assets, financial liabilities held for			assets held by the
trading and derivative financial liabilities,			Company
investment gains from disposal of financial assets
held for trading, derivative financial assets,
financial liabilities held for trading, derivative
financial liabilities and other debt investments,
other than effective hedging activities associated
with normal business operations of the Company
Other non-operating income and expenses apart	-160,689.07
from the items stated above
Less: Effect on income tax		1,902,368.74
Total				182,384,097.39		-

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Notes for the Company's non-recurring gains or losses items as defined in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1 - Non-recurring Gains or Losses and the non- recurring gains or losses items as illustrated in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1 - Non-recurring Gains or Losses defined as its recurring gains or losses Items

Applicable

✓

Not applicable

During the reporting period, no non-recurring gains or losses items as defined and illustrated in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1 - Non-recurring Gains or Losses were defined as recurring gains or losses items for the Company.

1. Total number of shareholders and shareholdings of top ten shareholders at the end of the reporting period

1. Total number of ordinary shareholders and preferred shareholders with voting rights resumed and shareholdings of the top ten shareholders

					Unit: Shares
Total number
of ordinary			Total number of preferred
shareholders at			shareholders with voting rights
the end of the	157,975(A shares);	resumed at the end of the
reporting period	26 (H shares)	reporting period (if any)	0
Shareholdings of the top ten shareholders
				Number of
				shares held	Position pledged or frozen
	Nature of	Proportion of	Number of	subject to	Status of
Name of shareholders	shareholders	shareholding	shares held	lock-up	shares	Number
Li Liangbin	Domestic natural	19.90%	269,770,452	202,327,839	Pledged	90,550,000
	person
HKSCC NOMINEES	Foreign legal	17.72%	240,211,796	9,250
LIMITED	person		(Note 1)
Wang Xiaoshen	Domestic natural	7.44%	100,898,904	75,674,178	Pledged	50,340,000
	person		(Note 2)
Hong Kong Securities	Foreign legal	4.46%	60,445,563	0
Clearing Company Limited	person

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				Number of
				shares held	Position pledged or frozen
	Nature of	Proportion of	Number of	subject to	Status of
Name of shareholders	shareholders	shareholding	shares held	lock-up	shares	Number
Industrial and Commercial	Others	1.24%	16,820,976	0
Bank of China Limited -
Central European Pioneer
Equity Initiative Securities
Investment Fund
Huang Wen	Domestic natural	0.83%	11,316,210	0
	person
Shen Haibo	Domestic natural	0.82%	11,083,568	8,312,676	Pledged	6,500,000
	person
China Construction Bank	Others	0.69%	9,408,153	0
Corporation- Central
European New Blue Chip
Flexible Allocation Hybrid
Securities Investment Fund
(中國建設銀行股份有
限公司－中歐新藍籌靈
活配置混合型證券投
資基金)
Industrial and Commercial	Others	0.61%	8,302,394	0
Bank of China Limited
- ABC-CA New Energy
Theme Flexible Allocation
Hybrid Securities
Investment Fund (中國工
商銀行股份有限公司－
農銀匯理新能源主題
靈活配置混合型證券
投資基金)
Agricultural Bank of China	Others	0.52%	7,053,205	0
Limited - GF Balanced
and Optimized Hybrid

Securities Investment Fund (中國農業銀行股份有 限公司－廣發均衡優選 混合型證券投資基金)

- 5 -

Shareholdings of top ten shareholders holding shares without lock-up

	of shares
	held without	Class of shares
Name of shareholders	lock-up	Class of shares	Number
HKSCC NOMINEES LIMITED	240,202,546	Overseas listed foreign shares	240,202,546
Li Liangbin	67,442,613	Renminbi denominated ordinary	67,442,613
		shares
Hong Kong Securities Clearing Company	60,445,563	Renminbi denominated ordinary	60,445,563
Limited		shares
Wang Xiaoshen	25,224,726	Renminbi denominated ordinary	25,224,726
		shares
Industrial and Commercial Bank of China	16,820,976	Renminbi denominated ordinary	16,820,976
Limited - Central European Pioneer		shares
Equity Initiative Securities Investment
Fund
Huang Wen	11,316,210	Renminbi denominated ordinary	11,316,210
		shares
China Construction Bank Corporation	9,408,153	Renminbi denominated ordinary	9,408,153
- Central European New Blue Chip		shares
Flexible Allocation Hybrid Securities
Investment Fund (中國建設銀行股份
有限公司－中歐新藍籌靈活配置
混合型證券投資基金)
Industrial and Commercial Bank of China	8,302,394	Renminbi denominated ordinary	8,302,394
Limited - ABC-CA New Energy Theme		shares
Flexible Allocation Hybrid Securities
Investment Fund (中國工商銀行股份
有限公司－農銀匯理新能源主題
靈活配置混合型證券投資基金)
Agricultural Bank of China Limited -	7,053,205	Renminbi denominated ordinary	7,053,205
Guangfa Balanced and Optimized Hybrid		shares
Securities Investment Fund (中國農業
銀行股份有限公司－廣發均衡優
選混合型證券投資基金)
Industrial Bank Co., Ltd.- Central European	7,045,513	Renminbi denominated ordinary	7,045,513
New Trend Equity Securities Investment		shares
Fund (LOF) (興業銀行股份有限公
司－中歐新趨勢股票型證券投資
基金(LOF))

- 6 -

Explanation of the related party relationships or concerted actions for the above-mentioned shareholders

1. Mr. Li Liangbin's family, the Company's de facto controller, have no related party relationship with the other top ten shareholders, and they are also not persons acting in concert as defined under "Measures for the Administration of Disclosure of Shareholder Equity Changes of Listed Companies";

2. The Company is not aware of any the other top ten shareholders who have related party relationships or are acting in concert.

Note 1: The number includes the 37,000 H shares held by Mr. Wang Xiaoshen;

Note 2: The number excludes the 37,000 H shares held by Mr. Wang Xiaoshen.

Whether top ten ordinary shareholders or top ten ordinary shareholders who are not subject to lock-up restriction of the Company carried out any agreed buy-back transactions during the reporting period

Yes

✓ No

No agreed buy-back transaction was carried out by top ten ordinary shareholders or top ten ordinary shareholders who are not subject to lock-up restriction of the Company during the reporting period.

2. Total number of preferred shareholders of the Company and the shareholdings of the top ten preferred shareholders

Applicable

✓

Not applicable

- 7 -

SECTION 3 SIGNIFICANT ISSUES

1. Circumstances for changes in major financial data and financial indicators and the reasons thereof during the reporting period

✓		Applicable			Not applicable
					March 31,	December 31,	Percentage
Balance Sheet Items	2021	2020	of changes	Analysis on the reasons
Prepayments	801,113,475.68	544,515,771.92	47.12%	The change was mainly due to the
								increase of advance payment
								for raw materials in the current
								period;
Other receivables	52,642,464.80	32,829,019.68	60.35%	The change was mainly due to the
								increase of the bid deposit;
Other current assets	563,689,982.21	1,951,968,579.49	-71.12%	The change was mainly due to the
								transfer-out of the term deposit
								in this subject at the end of last
								year as a result of maturing in
								the current period;
Other non-current financial	1,243,877,984.50	879,587,367.11	41.42%	The change was mainly due to
assets							the investment of new projects
								and the rise in stock price of
								Pilbara;
Other non-current assets	2,006,948,122.33	971,701,741.13	106.54%	The change was mainly due to the
								additional investments funds
								from Yili Hongda in the current
								period;
Bills payable	381,798,010.80	230,321,752.90	65.77%	The change was mainly due to the
								increase of usage of the bank
								notes payables for the advance
								payment for raw materials in
								the current period;
Contract liabilities	66,345,161.65	41,033,419.17	61.69%	The change was mainly due to
								the increase of advances in the
								current period;
Taxes payable	193,775,903.94	131,598,264.62	47.25%	The change was mainly due to the
								increase of value added taxes
								payable during the Reporting
								Period;
Non-current liabilities due	1,249,295,210.29	669,689,684.00	86.55%	The change was mainly due
within one year						to the increase of long-term
								borrowings due within one
								year;

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	March 31,	December 31,	Percentage
Balance Sheet Items	2021	2020	of changes	Analysis on the reasons
Deferred income tax liabilities	34,636,596.91	63,837,415.94	-45.74%	The change was mainly due to the
				conversion or redemption of
				convertible bonds in the current
				period;
	Amount for	Amount for	Percentage
Income statement items	the current period	the previous period	of changes	Reasons for changes
Operating income	1,606,822,673.47	1,078,841,300.29	48.94%	The change was mainly due to the
				increase of sales in the current
				period;
Tax and surcharge	12,547,060.30	4,977,622.54	152.07%	The change was mainly due to the
				increase of taxes as a result of
				increase in operating income
				during the Reporting Period;
Selling expenses	12,613,182.99	18,594,758.76	-32.17%	The change was mainly because
				the transaction cost has been
				recognized in the operating cost
				during the Reporting Period;
Administrative expenses	32,362,547.44	23,299,322.84	38.90%	The change was mainly due to
				the enlarged scale of lithium
				battery segment, resulting in
				the corresponding increase in
				administrative cost;
Research and development	36,662,880.63	21,606,335.99	69.69%	The change was mainly due to
Expenditure				the increase in research and
				development expenses during
				the current period;
Investment income	3,351,565.98	28,381,463.62	-88.19%	The change was mainly due to the
				change in profit of associates
				and joint ventures during the
				Reporting Period;
Gain on change in fair value	165,131,227.74	-87,696,997.81	288.30%	The change was mainly due to the
				rise in stock price of financial
				assets;
Impairment loss of assets	1,001,934.69	-40,889.62	2,550.34%	The change was mainly due to
				the the increase of the net
				realizable value as a result of
				the rising price of inventories
				such as lithium carbonate;
Gains on disposal of assets	0.00	-26,622.39	100.00%	The change was mainly because
				there is no fixed assets have
				been disposed directly during
				the current period;

- 9 -

	Amount for	Amount for	Percentage
Income statement items	the current period	the previous period	of changes	Reasons for changes
Non-operating income	147,956.32	480,193.17	-69.19%	The change was mainly due to
				the decrease of revenues which
				are not directly related to the
				ordinary activities during the
				Reporting Period;
Non-operating expense	180,367.90	782,470.75	-76.95%	The change was mainly due to the
				decrease of payments which
				are not directly related to the
				ordinary activities during the
				Reporting Period;
Income tax expenses	38,949,407.24	17,694,902.16	120.12%	The change was mainly due to
				increase of net profit;
Cash flow statement	Cash flow	Amount for	Percentage
items	statement items	the previous period	of changes	Reasons for changes
Net cash flow generated	-217,010,375.97	-138,580,433.01	-56.60%	The change was mainly due
from operating activities				to the increase in cash paid
				for purchasing goods and
				receiving services;
Net cash flow generated	-163,069,890.56	-418,057,997.68	60.99%	The change was mainly due
from investing activities				to the increase in cash
				received for investment in
				the current period;
Net cash flow generated	657,571,330.58	1,545,840,111.83	-57.46%	The change was mainly due
from financing activities				to the decrease of cash
				received for borrowing in
				the current period;

- 10 -

1. Analysis and explanation of the progress of significant events and their effects and the solutions

✓

Applicable

Not applicable

1. The Resolution on the Early Redemption of Ganfeng Convertible Bonds was considered and approved at the 16th meeting of the fifth session of the Board held by the Company on January 22, 2021, pursuant to which, the Company was approved to exercise the conditional redemption rights of Ganfeng Convertible Bonds to redeem all outstanding Ganfeng Convertible Bonds which have not been converted into shares, at a price equal to the nominal value of the bonds plus the interest accrued. For details, please refer to the First Announcement of Ganfeng Lithium in relation to the Implementation of

Redemption of Ganfeng Convertible Bonds (Lin 2021-007) disclosed by the Company on the Securities Times and the website of CNINFO (巨潮資訊網) (http://www.cninfo.com.cn) on January 23, 2021.

March 8, 2021 was the redemption day of Ganfeng Convertible Bonds, from which the trading and conversion of the Ganfeng Convertible Bonds were ceased. For details, please refer to the Announcement of Ganfeng Lithium in relation to the Cease of Trading and Conversion of Ganfeng Convertible

Bonds (Lin 2021-040) disclosed by the Company on the Securities Times and the website of CNINFO ( 巨 潮 資 訊 網) (http://www.cninfo.com.cn) on March 8, 2021.

On March 16, 2021, the Company disclosed the redemption results of Ganfeng Convertible Bonds. As at March 5, 2021, there were 59,603 outstanding Ganfeng Convertible Bonds, and the number of redeemed bonds was 59,603. The Company paid a total redemption amount of RMB5,972,816.63, which was transferred to the capital account of the holders of Ganfeng Convertible Bonds on March 15, 2021. Upon the completion of redemption, the Ganfeng Convertible Bonds no longer met the listing conditions and were delisted from the Shenzhen Stock Exchange with effect from March 16, 2021. For details, please refer to the Announcement of Ganfeng Lithium in relation to the Results of Redemption of Ganfeng Convertible Bonds (Lin 2021-043) and the Announcement of Ganfeng Lithium in relation to the Delisting of Ganfeng Convertible Bonds (Lin

2021-044) disclosed by the Company on the Securities Times and the website of CNINFO ( 巨 潮 資 訊 網) (http://www.cninfo.com.cn) on March 16, 2021.

- 11 -

1. The Resolution on Subscription of Certain Equity Involving Investment in Mining Rights in Bacanora by the Wholly-owned Subsidiary Shanghai Ganfeng and Related Party Transaction was considered and approved at the 17th meeting of the fifth session of the Board held by the Company on February 5, 2021, pursuant to which, Shanghai Ganfeng was approved to subscribe for 53,333,333 new shares from Bacanora with its owned funds with the transaction amount of not more than ￡24 million. Prior to the completion of the transaction, Shanghai Ganfeng held 25.74% of the equity interest in Bacanora. Upon the completion of the transaction, Shanghai Ganfeng would hold no more than 29.99% of the equity interest in Bacanora. For details, please refer to the Announcement of Ganfeng Lithium in relation to the Subscription of Certain Equity Involving Investment in Mining Rights in Bacanora by the Wholly-owned Subsidiary Shanghai Ganfeng and
   Related Party Transaction (Lin 2021-020) disclosed by the Company on the Securities Times and the website of CNINFO (巨潮資訊網) (http://www. cninfo.com.cn) on February 6, 2021.
2. The Resolution on the Plan for Issuance of H Shares of the Company and the Resolution on the Authorization to the Board and its Authorized Persons by the General Meeting to Handle Matters Relating to the Issuance of H Shares at Their Full Discretion were considered and approved at the 18th meeting of the fifth session of the Board held by the Company on February 25, 2021. In order to meet the needs of the rapid business development of the Company, improve the Company's core competitiveness and achieve its strategic objectives, the Company proposed to convene the general meeting and the class meetings to grant the specific mandate to the Company to issue not more than 48,044,560 (inclusive) oversea-listed foreign shares (H shares) additionally, which shall be listed and traded on the Main Board of The Stock Exchange of Hong Kong Limited. In addition, it was proposed at the general meeting and the class meetings to authorize the Board, and to agree that the Board would further authorize Mr. Li Liangbin, the chairman of the Board or Ms. Ou Yangming, the secretary to the Board, to jointly or separately exercise the full power to handle all matters relating to the Issuance of H Shares. For details, please refer to the Announcement of Ganfeng Lithium in relation to the Resolution at the 18th Meeting of the Fifth Session
   of the Board (Lin 2021-029) disclosed by the Company on the Securities Times and the website of CNINFO ( 巨 潮 資 訊 網) (http://www.cninfo.com. cn) on February 26, 2021.

- 12 -

1. In March 2021, the Company and Shenzhen Kexin Communication Technologies Co., Ltd. ("Kexin Technology") negotiated kindly and entered into the Medium and Long Term (2021-2025) Strategic Cooperation Agreement based on the principle of equality and voluntariness. The Company will actively explore an efficient and pragmatic cooperation mode with Kexin Technology, and give full play to their respective leading advantages in the industry to carry out comprehensive cooperation and resource sharing in resource regeneration projects such as new energy battery, communication base station energy storage, data center energy storage and battery recycling, so as to achieve mutual benefit and win-win results. For details, please refer to the Announcement of Ganfeng Lithium in relation to the Signing of Strategic Cooperation Agreement (Lin 2021-
2. 1. disclosed by the Company on the Securities Times and the website of CNINFO ( 巨 潮 資 訊 網) (http://www.cninfo.com.cn) on March 3, 2021.
3. The Resolution on the Acquisition of 100% Property Share Involving Investment in Mining Rights of Ili Hongda was considered and approved at the 19th meeting of the fifth session of the Board held by the Company on March 8, 2021, pursuant to which, the Company and Qinghai Liangcheng Mining Co., Ltd. ("Qinghai Liangcheng"), a wholly-owned subsidiary, were approved to acquire 100% property share of Ili Hongda held by Zhu Nailiang, Tibet Hongda New Energy Technology Co., Ltd. and CITIC Securities Co., Ltd. (on behalf of CITIC Securities Hongda No. 1 Targeted Asset Management Plan) for the price of RMB1,470,000,000 with self- owned funds. Upon the completion of the transaction, the Company held 0.18% property share of Ili Hongda and Qinghai Liangcheng held 99.82% property share of Ili Hongda. For details, please refer to the Announcement of Ganfeng Lithium in relation to the Acquisition of 100% Property Share Involving Investment in Mining Rights of Ili Hongda (Lin 2021-042)
4. 
   disclosed by the Company on the Securities Times and the website of CNINFO ( 巨 潮 資 訊 網) (http://www.cninfo.com.cn) on March 8, 2021.
5. The Resolution on the Capital Increase in Wholly-owned Subsidiary was considered and approved at the 20th meeting of the fifth session of the Board held by the Company on March 30, 2021, pursuant to which, the Company was approved to increase its capital contribution to Qinghai Liangcheng Mining Co., Ltd., a wholly-owned subsidiary, with its own funds of RMB1,500 million. The original registered capital of Qinghai Liangcheng was RMB100 million, and upon the completion of the increase of capital contribution, the registered capital was RMB1,600 million, in which the Company held 100% equity interest. For details, please refer to the Announcement of Ganfeng Lithium in relation to the Capital Increase
6. 
   in Wholly-owned Subsidiary (Lin 2021-055) disclosed by the Company on the Securities Times and the website of CNINFO ( 巨 潮 資 訊 網) (http://www.cninfo.com.cn) on March 31, 2021.

- 13 -

7. The Resolution on the Early Redemption of Ganfeng Convertible Bonds 2 was considered and approved at the 21st meeting of the fifth session of the Board held by the Company on March 31, 2021, pursuant to which, the Company was approved to exercise the conditional redemption rights of Ganfeng Convertible Bonds 2 to redeem all outstanding Ganfeng Convertible Bonds 2 which have not been converted into shares, at a price equal to the nominal value of the bonds plus the interest accrued. For details, please refer to the First Announcement of Ganfeng Lithium in relation to the Implementation of Redemption of Ganfeng Convertible Bonds 2 (Lin 2021-

1. disclosed by the Company on the Securities Times and the website of CNINFO ( 巨 潮 資 訊 網) (http://www.cninfo.com.cn) on April 1, 2021.

	Date of	Index to the Websites on which
Overview of Significant Issues	Disclosure	Interim Reports Disclosed
Issues on the early redemption of	January 23, 2021	First Announcement of Ganfeng
Ganfeng Convertible Bonds		Lithium in relation to the
		Implementation of Redemption of
		Ganfeng Convertible Bonds (Lin
		2021-007)
	March 8, 2021	Announcement of Ganfeng Lithium in
		relation to the Cease of Trading and
		Conversion of Ganfeng Convertible
		Bonds (Lin 2021-040)
	March 16, 2021 Announcement of Ganfeng Lithium
		in relation to the Results
		of Redemption of Ganfeng
		Convertible Bonds (Lin 2021-043)
	March 16, 2021 Announcement of Ganfeng Lithium in
		relation to the Delisting of Ganfeng
		Convertible Bonds (Lin 2021-044)
Matters concerning the subscription	February 6, 2021	Announcement of Ganfeng Lithium
of certain Equity in Mining Rights		in relation to the Subscription
in Bacanora by the wholly-owned		of Certain Equity Involving
subsidiary of Shanghai Ganfeng		Investment in Mining Rights in
and related party transaction		Bacanora by the Wholly-owned
		Subsidiary Shanghai Ganfeng and
		Related Party Transaction (Lin
		2021-020)
Matters concerning the Plan for	February 26,	Announcement of Ganfeng Lithium
Issuance of H Shares of the	2021	in relation to the Resolution at the
Company		18th Meeting of the Fifth Session
		of the Board (Lin 2021-029)

- 14 -

				Date of	Index to the Websites on which
Overview of Significant Issues	Disclosure	Interim Reports Disclosed
Matters concerning the signing of	March 3, 2021	Announcement of Ganfeng Lithium in
strategic cooperation agreement		relation to the Signing of Strategic
between the Company and Kexin		Cooperation Agreement (Lin 2021-
Technologies				036)
Matters concerning the Investment	March 9, 2021	Announcement of Ganfeng Lithium
in mining Rights Through				in relation to the Acquisition of
Acquisition of 100% Property		100% Property Share Involving
Share of Ili Hongda				Investment in Mining Rights of Ili
					Hongda (Lin 2021-042)
Matters concerning the Increase of	March 31, 2021	Announcement of Ganfeng Lithium
capital contribution of wholly		in relation to the Capital Increase
owned subsidiary of Qinghai		in Wholly-owned Subsidiary (Lin
Liangcheng				2021-055)
Issues on the Early Redemption of	April 1, 2021	First Announcement of Ganfeng
Ganfeng Convertible Bonds 2		Lithium in relation to the
					Implementation of Redemption of
					Ganfeng Convertible Bonds 2 (Lin
					2021-059)
Progress in repurchase of shares
	Applicable			Not applicable
	✓

Progress in implementation of reducing shareholding of repurchased shares through centralized auction

Applicable

✓

Not applicable

1. Outstanding commitments made by relevant parties, such as de facto controllers of the Company, shareholders, related parties, the acquirers and the Company, during the reporting period

Applicable

✓

Not applicable

There were no outstanding commitments made by relevant parties, such as de facto controllers of the Company, shareholders, related parties, the acquirers and the Company, during the reporting period.

- 15 -

IV. Investments in financial assets

1. Investments in securities

✓

Applicable

Not applicable

Unit: RMB

Profit or loss

arising from

Book value

changes in

Changes in

Book value

at the

fair value

accumulated

Purchases

Disposals

Profit or

at the end

Initial

Accounting

beginning of

during the

fair value

during the

during the

loss for the

of the

Type of

Securities

Securities

investment

measurement

the reporting

reporting

reported in

reporting

reporting

reporting

reporting

Accounting

Sources of

securities

code

abbreviation

cost

model

period

period

equity

period

period

period

period

items

funding

Domestic and

GLN

GLN

18,654.22

Measured at fair

32,798,842.85

19,532,364.16

20,129,060.07

52,633,650.21

Tradable

Internal funds

foreign shares

values

financial

assets

Domestic and

RICH

Raffles

Measured at fair

5,955,974.39

176,759.48

3,803,339.28

6,174,031.34

Other

Internal funds

foreign shares

Financial

values

noncurrent

Group

financial

Limited

assets

Domestic and

TAR

TAR

340,435.98

Measured at fair

6,011,912.75

-845,580.12

3,990,177.71

58,544.63

105,271.71

5,147,544.14

Tradable

Internal funds

foreign shares

values

financial

assets

Domestic and

OKR

okapi

5,560,290.71

Measured at fair

4,694,416.10

-527,768.81

-1,005,440.83

4,198,160.43

Tradable

Internal funds

foreign shares

values

financial

assets

Domestic and

LCD

LCD

1,119,351.59

Measured at fair

1,862,017.63

683,000.23

713,128.96

347,950.93

385,127.42

2,212,728.02

Tradable

Internal funds

foreign shares

values

financial

assets

Domestic and

ORGN

Origen

Measured at fair

1,227,864.56

246,013.88

274,944.21

1,483,481.69

Other

Internal funds

foreign shares

Resources

values

noncurrent

Inc.

financial

assets

Domestic and

MLL

MLL

2,494,427.58

Measured at fair

1,213,502.01

187,989.01

-1,348,335.61

1,410,786.55

Tradable

Internal funds

foreign shares

values

financial

assets

Domestic and

DHR

DHR

5,154,870.59

Measured at fair

1,189,683.39

-12,588.39

-4,104,493.89

1,185,510.49

Tradable

Internal funds

foreign shares

values

financial

assets

Domestic and

AMD

AMD

1,883,647.95

Measured at fair

389,871.71

51,179.36

-1,550,287.99

444,004.87

Tradable

Internal funds

foreign shares

values

financial

assets

Domestic and

COB

COB

1,422,309.47

Measured at fair

632,053.49

142,725.60

-140,456.43

779,779.44

615,148.94

Tradable

Internal funds

foreign shares

values

financial

assets

Other securities investments held at the end of

-

-2,126,129.04

32,321,170.20

30,195,041.16

-

-

the reporting period

Total

17,993,988.09

-

55,976,138.88

17,507,965.36

20,761,635.48

32,321,170.20

1,186,275.00

1,105,548.07

105,084,938.90 -

-

Disclosure date of the Board's announcement

March 28, 2019

on approval of securities investments

Disclosure date of the general meeting

June 11, 2019

announcement on approval of securities

investments (if any)

- 16 -

2. Investments in derivatives

Applicable

✓

Not applicable

The Company does not have derivatives investment during the reporting period.

1. Progress of projects financed by the proceeds

✓

Applicable

Not applicable

1. Proceeds raised from public issuance of convertible corporate bonds in August 2020

1. Amount of actual proceeds and time of receipt of proceeds

As approved by the China Securities Regulatory Commission (Zheng Jian Xu Ke [2020] No. 1398), the Company was allowed to publicly issue 21,080,000 convertible corporate bonds at par value of RMB100 each, raising a total amount of RMB2,108 million with a term of six years. The total amount of proceeds raised from the public issuance of convertible corporate bonds was RMB2,108 million, and the actual funds of RBM2,093 million received from the subscription for convertible corporate bonds, after deducting the underwriting fee and sponsoring fee of RMB15 million, was remitted by Ping An Securities Co., Ltd., the lead underwriter, to the custodial account for the proceeds of the Company on August 13, 2020. After deducting the legal fees, auditing and capital verification fees, credit rating fees, evaluation fees, information disclosure fees and other issuance fees of RMB2,674,800, the net amount of actual proceeds amounted to RMB2,090,325,200. The amount of actual proceeds raised from the public issuance of convertible corporate bonds was verified by the Capital Verification Report (An Yong Hua Ming (2020) Yan Zi No. 61390246_B01) issued by Ernst & Young Hua Ming LLP.

2. Use and balance of proceeds

Prior to the actual availability of the proceeds, the Company had invested its self-raised funds in advance and replaced with the proceeds on August 19, 2020, among which, RMB212,179,900 was invested in the 10,000-ton Lithium Salt Reconstruction and Expansion Project in advance and RMB1,072,000,000 was invested in the Subscription of Certain Equity Interest in Minera Exar S.A in advance, with a total amount of RMB1,284,179,900. Such replacement amount invested in advance was verified by the Specific Verification Report (An Yong Hua Ming (2020) Zhuan Zi No. 61390246_B06) issued by Ernst & Young Hua Ming LLP.

- 17 -

The amount of proceeds actually utilized during the Reporting Period was RMB38,730,100, which had been totally used for ten thousand tonne lithium salt renovation and expansion. As at the end of the Reporting Period, the Company had utilized proceeds of RMB1,908,987,200 in aggregate and the balance of unutilized proceeds is RMB187,625,300.

(II) Proceeds raised from the issuance of additional H shares

On 16 September 2020, the Company placed 40,037,000 H Shares at the placing price of HK$36.35 per H Share. The actual proceeds raised amounted to HK$1,449,411,500 after deduction of all of applicable issuance cost. The amount of proceeds raised from the issuance of additional H shares actually utilized during the Reporting Period was RMB804,324,600. As at the end of the Reporting Period, the Company had utilized proceeds raised from the issuance of additional H shares of RMB1,237,124,000 in aggregate and the balance of unutilized proceeds is RMB1,258,100.

VI. Forecast on the results of operations for January to June 2021

Warning in relation to the probable loss of accumulated net profit from the beginning of the year to the end of the following reporting period or substantial change as compared with the same period of the last year and explanation of the reasons thereof

✓

Applicable

Not applicable

Estimated results of operations: up year-on-year

Data type of the estimated results of operations: interval value

	From the beginning of the year	The corresponding
	till the end of the reporting period	period of last year		Increase/decrease
Estimated cumulative net		80,000	-	120,000	15,648.52	Increase	411.23%	-	666.85%
profit(RMB0'000)
Basic earnings per share		0.59	-	0.88	0.12	Increase	391.67%	-	633.33%
(RMB/share)
Reason for the forecast	1.	Both sales volume and sales price of the lithium salt products of the Company increased;
on the results	2.	The volume of lithium battery products of the Company gradually increased.

- 18 -

VII. Material Contracts entered into in the daily course of operation

✓	Applicable			Not applicable
							Total
Name of one party	Name of the counterparty				contract	Total	Recovery of
to the contract	of the contract	Contract subject	Total contract amount	amount	contract amount	accounts receivable
The Company and	Bayerische Motoren Werke	Lithium chemicals	Depending on the needs of	Ongoing	Unable to disclose	Within the credit
GFL International	Aktiengesellschaft (德國			BMW Germany		according to	period
Co., Limited	寶馬)					confidentiality terms
The Company and	Tesla Inc. (特斯拉)	Battery grade lithium	Annual purchase volume	Ongoing	Unable to disclose	Within the credit
GFL International			hydroxide product	equal to approximately		according to	period
Co., Limited					20% of the Company's		confidentiality terms
						total production capacity
						for Battery grade lithium
						hydroxide product in the
						same year
The Company and	LG Chem, Ltd (LG化學)	Lithium hydroxide,	The lithium hydroxide and	Ongoing	Unable to disclose	Within the credit
GFL International			lithium carbonate	lithium carbonate products		according to	period
Co., Limited			products, etc	sold or to be sold by		confidentiality terms
						the Company and GFL
						International Co., Limited
						to LG Chem from January
						1, 2019 to December 31,
						2025 totaling 92,600 tons

Material deviation of the progress of the material contracts from the agreement of the contracts which affects over 30% of the contract amount

Applicable

✓

Not applicable

VIII. Entrusted wealth management

Applicable

✓

Not applicable

The Company did not have any entrusted wealth management during the Reporting Period.

- 19 -

IX. Violation of regulations in relation to the provision of guarantee to external parties

Applicable

✓

Not applicable

The Company has not breached any requirements in relation to the provision of guarantee to external parties during the Reporting Period.

1. The listed company's non-operating capital occupied by controlling shareholders and their related parties

Applicable

✓

Not applicable

No non-operating capital of the listed company was occupied by controlling shareholders and their related parties in the Company during the Reporting Period.

XI. Activities of receiving investigation and research, communication and interview during the Reporting Period

✓	Applicable			Not applicable
									Index of basic
						Type of		Main content	information of
						reception		discussed and	investigation and
Reception time	Reception place	Reception method	object	Reception object	information provided	research
January 15, 2021	The conference room on	Field investigation and	Institution	Haitong Securities: Shi Yi,	Company's operating	For details, please
		the 4th floor of the R&D		research		Zhou Xuhui and Gan	conditions and basic	refer to the
		Building of the Company				Jiayao; Broad Fund: Zhang	industry conditions	record of investor
							Bin; BoCommLife: Guo		relations activities
							Hao; E Fund: Hu Yunfeng;		disclosed on
							Western Leadbank Fund:		the website of
							Zoulingling; Dacheng		CNINFO (巨潮
							Fund: Zhao Peng and Chen		資訊網) on
							Ming; ZhongRong Fund:		January 18, 2021
							Zhu Xiaoming; ABC-CA:
							Zhou Zihan

- 20 -

SECTION 4 FINANCIAL STATEMENTS

1. Financial statements

1. Consolidated balance sheet

Prepared by: Ganfeng Lithium Co., Ltd.

March 31, 2021

			Unit: RMB
Item	March 31, 2021	December 31, 2020
Current asset:
Monetary fund	2,443,025,301.78		2,175,589,944.30
Clearing settlement fund
Capital lending
Financial assets held for trading	101,023,379.23		87,116,871.37
Derivative financial assets
Bills receivable
Accounts receivable	1,363,392,706.99		1,358,805,453.61
Accounts receivable financing	512,444,851.09		409,189,128.15
Prepayments	801,113,475.68		544,515,771.92
Premiums receivable
Reinsurance receivable
Reinsurance contract reserve
receivable
Other receivables	52,642,464.80		32,829,019.68
Including: Interest receivable
Dividend receivable
Financial assets purchased for resale
Inventories	2,467,117,301.54		2,214,817,242.35
Held-for-sale assets
Held-for-sale assets
Non-current assets due within one
year
Other current assets	563,689,982.21		1,951,968,579.49
Total current assets	8,304,449,463.32		8,774,832,010.87

- 21 -

Item	March 31, 2021	December 31, 2020
Non-current assets:
Loans and advances to customers
Debenture investments
Other debenture investments
Long-term receivables	385,487.73		390,771.27
Long-term equity investments	1,858,718,342.42		1,636,336,501.60
Other equity instrument investment
Other non-current financial assets	1,243,877,984.50		879,587,367.11
Investment properties	73,276.70		73,584.59
Fixed assets	2,260,955,511.25		2,272,106,810.52
Construction in progress	3,970,557,060.36		3,761,131,236.63
Biological assets for production
Fuel assets
Right-of-use assets	26,820,512.59		28,513,518.80
Intangible assets	3,496,492,367.66		3,561,544,645.02
Development expenses	29,521,012.54		24,839,514.08
Goodwill
Long-term deferred expenses	77,849,012.63		68,952,187.49
Deferred income tax assets	31,046,333.70		40,363,430.42
Other non-current assets	2,006,948,122.33		971,701,741.13
Total non-current assets	15,003,245,024.41		13,245,541,308.66
Total assets	23,307,694,487.73		22,020,373,319.53

- 22 -

Item	March 31, 2021	December 31, 2020
Current liabilities:
Short-term borrowings	1,435,985,032.41		1,631,344,194.09
Borrowing from PBOC
Capital borrowed
Financial liabilities held for trading
Derivative financial liabilities
Bills payable	381,798,010.80		230,321,752.90
Accounts payable	973,382,575.72		1,211,995,778.75
Advances from customers
Contract liabilities	66,345,161.65		41,033,419.17
Financial assets sold under repurchase
agreements
Deposit taking and deposit in
inter-bank market
Acting trading securities
Acting underwriting securities
Staff salaries payable	58,994,822.65		79,053,831.36
Taxes payable	193,775,903.94		131,598,264.62
Other payables	77,298,615.95		82,747,359.18
Including: Interest payable
Dividends payable
Bank charges and commissions
payable
Reinsurance payable
Liabilities held for sale
Non-current liabilities due within
one year	1,249,295,210.29		669,689,684.00
Other current liabilities
Total current liabilities	4,436,875,333.41		4,077,784,284.07

- 23 -

Item	March 31, 2021	December 31, 2020
Non-current liabilities:
Insurance contract reserve
Long-term borrowings	1,885,984,120.00		1,658,008,360.00
Bonds payables	1,557,422,725.56		2,133,824,297.91
Including: Preferred shares
Perpetual bonds
Lease liabilities	23,491,509.58		24,396,460.05
Long-term payables	628,368,961.55		541,730,051.02
Long-term staff salaries payable
Accrued liabilities	7,330,653.14		7,279,015.32
Deferred income	61,772,823.73		64,358,892.00
Deferred income tax liabilities	34,636,596.91		63,837,415.94
Other non-current liabilities	31,627,983.02		30,751,180.78
Total non-current liabilities	4,230,635,373.49		4,524,185,673.02
Total liabilities	8,667,510,706.90		8,601,969,957.09

- 24 -

Item	March 31, 2021	December 31, 2020
Owners' equity:
Share capital	1,355,928,726.00		1,339,960,580.00
Other equity instruments	430,160,861.40		582,380,688.55
Including: Preferred shares
Perpetual bonds
Capital reserve	5,587,294,483.65		4,842,886,594.85
Less: treasury share
Other comprehensive income	-190,741,990.83		-256,853,368.27
Special reserve	4,708,710.36		5,939,997.38
Surplus reserve	399,484,997.94		399,484,997.94
General risk reserve
Undistributed profits	4,267,919,504.11		3,791,822,949.39
Total of the equity attributable to the
owners of the parent company	11,854,755,292.63		10,705,622,439.84
Minority interests	2,785,428,488.20		2,712,780,922.60
Total owners' equity	14,640,183,780.83		13,418,403,362.44
Total liabilities and owners' equity	23,307,694,487.73		22,020,373,319.53

		Head of the Accounting
Legal representative:	Chief Accountant:	Department:
Li Liangbin	Yang Manying	Huang Ting

- 25 -

2. Balance sheet of the Parent Company

			Unit: RMB Yuan
Item	March 31, 2021 December 31, 2020
Current assets:
Monetary fund	1,617,177,732.37	1,187,394,782.99
Financial assets held for trading	30,195,041.16	34,145,510.00
Derivative financial assets
Bills receivable
Accounts receivable	382,346,477.05	262,127,646.25
Financing receivables	244,429,291.03	203,618,389.08
Prepayments	25,307,990.40	14,372,272.51
Other receivables	2,898,213,081.81	2,436,730,191.75
Including: Interest receivable
Dividend receivable
Inventories	1,255,948,802.76	1,399,087,274.35
Contract assets
Held-for-sale assets
Non-current assets due within one
year
Other current assets	398,033,657.12	1,665,195,049.21
Total current assets	6,851,652,073.70	7,202,671,116.14

- 26 -

Item	March 31, 2021 December 31, 2020
Non-current assets:
Debenture investments
Other debenture investments
Long-term receivables
Long-term equity investments	8,078,714,111.31	7,595,257,222.83
Other equity instrument
investment
Other non-current financial assets	246,165,501.37	39,789,720.55
Investment properties	73,276.70	73,584.59
Fixed assets	722,577,033.49	734,169,085.17
Construction in progress	639,808,097.36	548,866,827.66
Biological assets for production
Fuel assets
Right-of-use assets
Intangible assets	139,042,512.26	129,756,400.18
Development expenses
Goodwill
Long-term deferred expenses	110,113.86	121,504.95
Deferred income tax assets
Other non-current assets	12,230,000.00	165,000,000.00
Total non-current assets	9,838,720,646.35	9,213,034,345.93
Total assets	16,690,372,720.05	16,415,705,462.07

- 27 -

Item	March 31, 2021 December 31, 2020
Current liabilities:
Short-term borrowings	1,049,149,533.34	1,321,783,937.89
Financial liabilities held for
trading
Derivative financial liabilities
Bills payable	377,600,000.00	300,300,000.00
Accounts payable	240,192,078.90	445,886,924.38
Advances from customers
Contract liabilities	10,461,016.00	11,221,353.10
Staff salaries payable	9,542,696.93	16,782,528.98
Taxes payable	105,097,138.40	55,277,338.62
Other payables	652,258,079.19	724,453,281.46
Including: Interest payable
Dividend payable
Liabilities held for sale
Non-current liabilities due within
one year	1,231,478,576.87	653,410,909.44
Other current liabilities
Total current liabilities	3,675,779,119.63	3,529,116,273.87
Non-current liabilities:
Long-term borrowings	1,481,484,120.00	1,517,008,360.00
Bonds payables	1,557,422,725.56	2,133,824,297.91
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term staff salaries payable
Accrued liabilities
Deferred income	19,286,651.30	21,033,049.62
Deferred income tax liabilities	25,791,843.43	43,543,509.97
Other non-current liabilities
Total non-current liabilities	3,083,985,340.29	3,715,409,217.50
Total liabilities	6,759,764,459.92	7,244,525,491.37

- 28 -

Item	March 31, 2021 December 31, 2020
Owners' equity:
Share capital	1,355,928,726.00	1,339,960,580.00
Other equity instruments	430,160,861.40	582,380,688.55
Including: Preferred shares
Perpetual bonds
Capital reserve	5,379,264,079.08	4,634,856,190.28
Less: treasury share
Other comprehensive income	-1,082,620.23	-1,082,620.23
Special reserve	112,918.45	1,461,616.13
Surplus reserve	399,484,997.94	399,484,997.94
Undistributed profits	2,366,739,297.49	2,214,118,518.03
Total owners' equity	9,930,608,260.13	9,171,179,970.70
Total liabilities and owners' equity 16,690,372,720.05	16,415,705,462.07

- 29 -

3. Consolidated Income Statement

			Unit: RMB Yuan
		Amount for	Amount for
Item		the current period	the previous period
I.	Total operating revenue	1,606,822,673.47	1,078,841,300.29
	Including: Operating income	1,606,822,673.47	1,078,841,300.29
	Interest income
	Premiums earned
	Fees and commission
	income
II.	Total operating costs	1,252,830,163.14	1,003,637,289.39
	Including: Operating costs	1,106,905,559.79	868,787,025.45
	Interest expense
	Fees and commission
	expense
	Surrender payment
	Net expenditure for
	compensation
	payments
	Net provision for
	insurance liabilities
	Expenditures for
	insurance policy
	dividend
	Reinsurance expenses
	Tax and surcharge	12,547,060.30	4,977,622.54
	Selling expenses	12,613,182.99	18,594,758.76
	Administrative
	expenses	32,362,547.44	23,299,322.84
	Research and
	development
	expenditure	36,662,880.63	21,606,335.99
	Finance expenses	51,738,931.99	66,372,223.81

- 30 -

		Amount for	Amount for
Item		the current period	the previous period
	Including: Interest costs	49,355,364.73	60,904,900.72
	Interest income	47,777,419.58	27,088,396.41
Add:	Other revenue	10,248,811.07	8,811,602.91
	Investment income
	("-" denotes loss)	3,351,565.98	28,381,463.62
	Including: Share in
	profit of associates
	and joint ventures	-5,587,272.92	8,947,883.33
	Gains on derecognition
	of financial assets
	measured at
	amortised cost
	Foreign exchange gain
	("-" denotes loss)
	Gain from net exposure
	to hedging ("-"
	denotes loss)
	Gain on change in fair
	value ("-" denotes
	loss)	165,131,227.74	-87,696,997.81
	Impairment loss of
	credit ("-" denotes
	loss)	-1,082,003.91	-1,055,676.05
	Impairment loss of
	assets ("-" denotes
	loss)	1,001,934.69	-40,889.62
	Gains on disposal of
	assets ("-" denotes
	loss)		-26,622.39

- 31 -

		Amount for	Amount for
Item		the current period	the previous period
III.	Operating profit ("-" denotes
	loss)	532,644,045.90	23,576,891.56
	Add: Non-operating income	147,956.32	480,193.17
	Less: Non-operating expense	180,367.90	782,470.75
IV.	Total profit ("-" denotes total
	loss)	532,611,634.32	23,274,613.98
	Less: Income tax expenses	38,949,407.24	17,694,902.16
V.	Net profit ("-" denotes net loss)	493,662,227.08	5,579,711.82

1. Classified by business continuity

1. Net profit from continuing operations

	("-" denotes net loss)	493,662,227.08	5,579,711.82
2.	Net profit from
	discontinued
	operations ("-"
	denotes net loss)
(II) Net profit attributable to the
owners
1.	Net profit attributable
	to the owners of the
	parent company	476,096,554.72	7,746,065.51
2.	Minority interests	17,565,672.36	-2,166,353.69

- 32 -

	Amount for	Amount for
Item	the current period	the previous period
VI. Net other comprehensive income
after tax	86,561,511.18	82,548,709.99
Net amount of other comprehensive
income after tax attributable
to the equity holders of the
Company	66,111,377.44	80,693,199.19

1. Other comprehensive income that cannot be reclassified into profit or loss
2. 1. Changes arising from the re-measurement of defined benefit plans
   2. Other comprehensive income that cannot be transferred to profit or loss under equity method
   3. Changes in fair value of investment in other equity instruments
   4. Changes in fair value of the Company's own credit risk
   5. Others

1. Other comprehensive income that will be reclassified into

profit or loss

66,111,377.44

80,693,199.19

1. Other comprehensive income that can be transferred to profit or loss under equity

method

-399,200.31

1. Changes in fair value of other debt investments
2. Amount of financial assets reclassified into other comprehensive income

- 33 -

		Amount for	Amount for
Item		the current period	the previous period
4.	Credit impairment
	provisions for other
	debt investment
5.	Cash flow hedge
	reserve
6.	Difference arising
	from the translation
	of foreign currency
	financial statements	66,111,377.44	81,092,399.50
7.	Others
Net other comprehensive income
after tax attributable to minority
shareholders	20,450,133.74	1,855,510.80
VII. Total comprehensive income	580,223,738.26	88,128,421.81
Total comprehensive income
attributable to the owners of the
parent company	542,207,932.16	88,439,264.70
Total comprehensive income
attributable to minority
shareholders	38,015,806.10	-310,842.89
VIII. Earnings per share:
(I) Basic earnings per share:	0.36	0.01
(II) Diluted earnings per share	0.36	0.01

For the business combination under common control effected in the current period, the net profit recognized by the merged party before the combination was RMB0.00, and the net profit recognized by the merged party in the previous period was RMB0.00.

		Head of the Accounting
Legal representative：	Chief Accountant：	Department：
Li Liangbin	Yang Manying	Huang Ting

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4. Income Statement of the Parent Company

			Unit: RMB Yuan
		Amount for	Amount for
Item		the current period	the previous period
I.	Operating income	869,047,697.59	641,871,323.91
	Less: Operating costs	619,913,508.68	553,954,180.21
	Tax and surcharge	9,159,809.01	2,767,350.29
	Selling expenses	5,240,452.37	6,896,986.37
	Administrative expenses	3,702,968.58	6,626,527.13
	Research and development
	expenditure	9,999,806.20	5,773,176.49
	Finance expenses	45,385,946.47	48,009,675.69
	Including: Interest costs	59,942,253.91	44,899,907.43
	Interest income	13,470,452.14	6,273,527.26
	Add: Other revenue	5,125,726.17	6,416,626.18
	Investment income ("-"
	denotes loss)	32,813,802.69	20,893,530.62
	Including: Investment
	income from
	associates and
	joint ventures	21,066,212.69	384,107.19
	Gains on derecognition of
	financial assets measured
	at amortised cost
	Gain from net exposure to
	hedging ("-" denotes loss)
	Gain on change in fair value
	("-" denotes loss)	-5,700,762.21	-524,394.44
	Impairment loss of credit ("-"
	denotes loss)	-29,307,835.27	2,274,730.61
	Impairment loss of assets ("-"
	denotes loss)		6,859,196.90
	Gains on disposal of assets
	("-" denotes loss)

- 35 -

	Amount for	Amount for
Item	the current period	the previous period

1. Operating profit ("-" denotes

	loss)	178,576,137.66	53,763,117.60
	Add: Non-operating income	69,569.22	433,675.55
	Less: Non-operating expense	299.13	418,761.96
III	Total profit ("-" denotes total
	loss)	178,645,407.75	53,778,031.19
	Less: Income tax expenses	26,024,628.29	8,066,704.68
IV.	Net profit ("-" denotes total loss)	152,620,779.46	45,711,326.51

1. Net profit from continuing operations ("-" denotes

total loss)

152,620,779.46

45,711,326.51

1. 1. Net profit from discontinued operations ("-" denotes net loss)
2. Net other comprehensive income after tax
3. 1. Other comprehensive income that cannot be reclassified into profit or loss
   2. 1. Changes arising from the re-measurement of defined benefit plans
      2. Other comprehensive income that cannot be transferred to profit or loss under equity method
      3. Changes in fair value of investment in other equity instruments
      4. Changes in fair value of the Company's own credit risk
      5. Others

- 36 -

	Amount for	Amount for
Item	the current period	the previous period

1. Other comprehensive income that will be reclassified into profit or loss
2. 1. Other comprehensive income that can be transferred to profit or loss under equity method
   2. Changes in fair value of other debt investments
   3. Amount of financial assets reclassified into other comprehensive income
   4. Credit impairment provisions for other debt investment
   5. Cash flow hedge reserve
   6. Difference arising from the translation of foreign currency financial statements
   7. Others

VI.	Total comprehensive income	152,620,779.46	45,711,326.51
VII.	Earnings per share:

1. Basic earnings per share:

(II) Diluted earnings per share

- 37 -

5. Consolidated Cash Flow Statement

			Unit: RMB Yuan
		Amount for	Amount for
Item		the current period	the previous period
I.	Cash flow generated from
	operating activities:
	Cash received from selling goods
	and providing services	1,698,849,525.64	1,082,098,651.72
	Net increase in customer bank
	deposits and due to banks and
	other financial institutions
	Net increase in borrowings from
	PBOC
	Net increase in placements from
	other financial institutions
	Cash received from original
	insurance contract premiums
	Net cash received from reinsurance
	business
	Net increase in policy holder
	deposits and investments funds
	Cash received from interest, fees
	and commissions
	Net increase in capital borrowed
	Net increase in income from
	repurchase business
	Net cash received from securities
	trading agency services
	Refunds of taxes received	825,737.04	9,693,832.15
	Cash received relating to other
	operating activities	74,079,066.10	32,672,240.43
	Sub-total of cash inflow from
	operating activities	1,773,754,328.78	1,124,464,724.30
	Cash paid for purchasing goods
	and receiving services	1,744,959,343.59	1,107,366,747.74

- 38 -

	Amount for	Amount for
Item	the current period	the previous period
Net increase in customer loans and
advances to customers
Net increase in deposit in PBOC
and due to banks and other
financial institutions
Cash paid for original insurance
contract claimed
Net increase in capital lending
Cash paid for interest, fees and
commissions
Cash paid for policy holder
dividend
Cash paid to and for employees	141,147,244.06		101,375,575.10
Cash paid for taxes	73,757,140.30		20,989,665.41
Cash paid relating to other
operating activities	30,900,976.80		33,313,169.06
Sub-total of cash outflow from
operating activities	1,990,764,704.75		1,263,045,157.31
Net cash flow generated from
operating activities	-217,010,375.97	-138,580,433.01
II. Cash flow generated from
investing activities:
Cash received from disposal of
investments	1,392,255,065.65	73,288,216.14
Cash received from returns on
investments	8,938,838.90	14,373,274.01
Net cash received from disposal
of fixed assets, intangible assets
and other long-term assets	110,802.72
Net cash received from disposal of
subsidiaries and other operating
business units
Cash received relating to other
investing activities	16,513,426.14
Sub-total of cash inflow from
investing activities	1,417,818,133.41	87,661,490.15
Cash paid for acquisition and
construction of fixed assets,
intangible assets and other long-
term assets	315,244,118.40	81,661,707.54
Cash paid for investment	1,163,978,247.22	95,913,811.08

- 39 -

		Amount for	Amount for
Item	the current period	the previous period
Net increase in pledge loans
Net cash paid for acquisition of
subsidiaries and other operating
business units
Cash paid relating to other
investing activities	101,665,658.35	328,143,969.21
Sub-total of cash outflow from
investing activities	1,580,888,023.97	505,719,487.83
Net cash flow generated from
investing activities	-163,069,890.56	-418,057,997.68
III. Cash flow generated from
financing activities:
Cash received from investment
Including: Cash received by
subsidiaries from the investment
of minority shareholders
Cash received from borrowings	2,041,232,921.00		2,474,131,658.35
Cash received relating to other
financing activities			116,825,860.80
Sub-total of cash inflow from
financing activities	2,041,232,921.00		2,590,957,519.15
Cash paid for repaying debts	1,320,204,800.00		1,012,792,440.00
Cash paid for distributing
dividends and profits and
interest repayment	44,204,987.38		32,324,967.32
Including: Dividends and profits
paid by subsidiaries to minority
shareholders
Cash paid relating to other
financing activities	19,251,803.04
Sub-total of cash outflow from
financing activities	1,383,661,590.42		1,045,117,407.32
Net cash flow generated from
financing activities	657,571,330.58		1,545,840,111.83

- 40 -

	Amount for	Amount for
Item	the current period	the previous period
IV. Effect of foreign exchange rate
changes on cash and cash
equivalents	-22,931,706.57	12,292,552.18
V. Net increase in cash and cash
equivalents	254,559,357.48	1,001,494,233.32
Add: Balance of cash and cash
equivalents at the
beginning of the period	1,709,589,944.30	1,328,104,539.72
VI. Balance of cash and cash
equivalents at the end of the
period	1,964,149,301.78	2,329,598,773.04

6. Cash Flow Statement of Parent Company

				Unit: RMB Yuan
		Amount for	Amount for
Item		the current period	the previous period
I.	Cash flow generated from
	operating activities:
	Cash received from selling goods
	and providing services	794,650,418.09		859,595,620.34
	Refunds of taxes received			9,124,668.41
	Cash received relating to other
	operating activities	49,700,370.53		28,386,277.91
	Sub-total of cash inflow from
	operating activities	844,350,788.62		897,106,566.66
	Cash paid for purchasing goods
	and receiving services	1,083,371,953.30		838,347,159.19
	Cash paid to and for employees	32,170,972.29		28,328,104.80
	Cash paid for taxes	49,500,389.81		7,574,052.62
	Cash paid relating to other
	operating activities	12,552,743.85		15,692,879.65
	Sub-total of cash outflow from
	operating activities	1,177,596,059.25		889,942,196.26
	Net cash flow generated from
	operating activities	-333,245,270.63		7,164,370.40

- 41 -

		Amount for	Amount for
Item	the current period	the previous period
II. Cash flow generated from
investing activities:
Cash received from disposal of
investments	1,270,004,753.14	73,146,343.81
Cash received from returns on
investments	7,818,914.21	505,601.69
Net cash received from disposal
of fixed assets, intangible assets
and other long-term assets	77,945.28
Net cash received from disposal of
subsidiaries and other operating
business units
Cash received relating to other
investing activities
Sub-total of cash inflow from
investing activities	1,277,901,612.63	73,651,945.50
Cash paid for acquisition and
construction of fixed assets,
intangible assets and other long-
term assets	60,870,411.37	55,545,529.92
Cash paid for investment	532,783,170.20	141,712,319.75
Net cash paid for acquisition of
subsidiaries and other operating
business units
Cash paid relating to other
investing activities	124,071,952.50	10,993,849.72
Sub-total of cash outflow from
investing activities	717,725,534.07	208,251,699.39
Net cash flow generated from
investing activities	560,176,078.56		-134,599,753.89

- 42 -

	Amount for	Amount for
Item	the current period	the previous period
III. Cash flow generated from
financing activities:
Cash received from investment
Cash received from borrowings	1,470,000,000.00	2,374,131,658.35
Cash received relating to other
financing activities			4,500,000.00
Sub-total of cash inflow from
financing activities	1,470,000,000.00	2,378,631,658.35
Cash paid for repaying debts	1,217,704,800.00	1,012,792,440.00
Cash paid for distributing
dividends and profits and
interest repayment	34,448,306.23	26,872,120.11
Cash paid relating to other
financing activities	6,375,803.04
Sub-total of cash outflow from
financing activities	1,258,528,909.27	1,039,664,560.11
Net cash flow generated from
financing activities	211,471,090.73		1,338,967,098.24
IV. Effect of foreign exchange rate
changes on cash and cash
equivalents	-8,618,949.28	10,413,769.50
V. Net increase in cash and cash
equivalents	429,782,949.38	1,221,945,484.25
Add: Balance of cash and cash
equivalents at the
beginning of the period	776,394,782.99	706,265,730.39
VI. Balance of cash and cash
equivalents at the end of the
period	1,206,177,732.37	1,928,211,214.64

- 43 -

1. Adjustments to financial statement

1. Adjustments to financial statement at the beginning of the year upon the first adoption of new lease standards since 2021

Applicable

✓

Not applicable

2. Retroactive adjustments to comparative data of previous period upon the first adoption of new lease standards since 2021

Applicable

✓

Not applicable

1. Audit report
   Has the first quarterly report been audited

Yes

✓ No

The first quarterly report of the Company has not been audited.

By order of the Board

GANFENG LITHIUM CO., LTD.

LI Liangbin

Chairman

Jiangxi, PRC

April 28, 2021

As at the date of this announcement, the Board comprises Mr. LI Liangbin, Mr. WANG Xiaoshen, Ms. DENG Zhaonan and Mr. SHEN Haibo as executive directors of the Company; Mr. YU Jianguo and Ms. YANG Juan as non-executive directors of the Company; and Mr. LIU Jun, Ms. WONG Sze Wing, Ms. XU Yixin and Mr. XU Guanghua as independent non-executive directors of the Company.

- 44 -